What part of this:
If the American people allow private banks to control the issuance of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the people of all their property until their children wake up homeless on the continent their fathers conquered – Thomas Jefferson
do people not understand? Are we there yet? Damned if I don’t think we are there now when every single American household owes over $500,000 now to the Federal Government for the crack smokin’ government’s spending bills. That $500,000 bill was something like $36,000 back in 2001.
Merkel is getting it and she is not even American.
Germany Blasts ‘Powers of the Fed’
German Chancellor Angela Merkel, in a rare public rebuke of central banks, suggested the European Central Bank and its counterparts in the U.S. and Britain have gone too far in fighting the financial crisis and may be laying the groundwork for another financial blowup.
“I view with great skepticism the powers of the Fed, for example, and also how, within Europe, the Bank of England has carved out its own small line,” Ms. Merkel said in a speech in Berlin. “We must return together to an independent central bank policy and to a policy of reason, otherwise we will be in exactly the same situation in 10 years’ time.”
Ms. Merkel also said the ECB “bowed somewhat to international pressure” when it said last month it plans to buy €60 billion ($85 billion) in corporate bonds — a move that is modest in comparison to asset-buying by its counterparts, the U.S. Fed and Bank of England. Details are to be unveiled by the ECB’s president, Jean-Claude Trichet, Thursday.
The public criticism is unusual — and not only because German politicians rarely talk harshly about central banks in public. When politicians around the world do criticize their central banks, they almost always gripe that they are too tightfisted.